Acquisitions & Divestments

Wärtsilä’s strategic goal is to maintain the leading position in its field and to grow further. This is done by providing customers with the best lifetime efficiency and reliability in the market through an integrated offering that meets their business needs throughout the world. Wärtsilä will also grow by adding to the offering new products and services that will help customers operate their power systems more efficiently and safely. Wärtsilä will increase its capabilities in automation, as well as strengthen its offering of solutions for environmentally safe and reliable power system operation through a combination of organic growth, partnerships and acquisitions.
Information about acquisitions and divestments prior to the beginning of 2005 can be found in the press release archive.
Read more about the history of Wärtsilä in the About us-section.

Date

Company

Description

February 2018

LOCK-N-STITCH

Wärtsilä is expanding the service offering of its QuantiServ business line with the acquisition of the American engineering company LOCK-N-STITCH. The acquisition strengthens Wärtsilä’s service portfolio for customers operating multiple brands. Ownership of LOCK-N-STITCH was transferred to Wärtsilä on February 1, 2018.Link to release 2.2.2018

December 2017

Trident B.V.

Acquisition of Trident B.V., a Netherland based company specialised in underwater ship maintenance, inspection, and repair services. Through the acquisition Wärtsilä becomes the first global operator in the underwater services market. Wärtsilä has a long history in providing underwater services through partners. With this acquisition, the company builds in-house competence, captures the full potential of services' product synergies, and strengthens its position in the market. The enterprise value of the transaction is EUR 17.5 million and an additional EUR 3.5 million earn-out, based on the business performance in the coming years. The turnover of Trident is approximately EUR 9 million.Link to release 21.12.2017

October 2017

Guidance Marine Limited

Acquisition of Guidance Marine Limited, a privately owned company with offices in the UK, Singapore and the USA. Guidance Marine is recognised as a technology leader in the marine industry for sensor solutions relating to dynamic positioning and other vessel control systems. The acquisition of Guidance Marine will enhance Wärtsilä's capabilities in the area of situational awareness and near-field measurement, both essential for more intelligent vessel navigation. The transaction is valued at GBP 14 million (enterprise value) including a maximum deferred payment of GBP 4 million. In 2016, Guidance Marine’s turnover was GBP 6 million. Guidance Marine employs more than 50 people worldwide.Link to release 10.10.2017

October 2017

Puregas Solutions

Acquisition of Puregas Solutions, the Sweden based provider of turnkey biogas upgrading solutions. Puregas is a leading player in its field with subsidiary companies in Germany, Denmark, the U.K., and the USA. The company utilises a unique CApure process to convert raw biogas to biomethane and renewable natural gas. The transaction is valued at SEK 280 million (enterprise value) with an additional maximum sum of SEK 70 million to be paid based on the performance of the business in the coming year. In 2016, Puregas Solutions’ turnover was SEK 200 million. The company currently has approximately 40 employees.Link to release 4.10.2017

May 2017

Greensmith Energy Management Systems Inc.

Acquisition of
Greensmith Energy Management Systems Inc., a US-based leader in intelligent energy storage technology and solutions. The acquisition of Greensmith will enable Wärtsilä to expand its footprint in the energy storage market and position itself as a leading global energy systems integrator. In 2016, Greensmith’s revenues were USD 32 million with over 40 employees. The transaction is valued at USD 170 million (enterprise value). Ownership of the company was transferred to Wärtsilä with effect from 3 July 2017.Link to release 15.5.2017Link to release 3.7.2017

Acquisition of Eniram, a Finland-based technology company providing the marine industry with energy management and analytics solutions. Eniram provides the maritime industry with energy management technology to reduce fuel consumption and emissions. In 2015, Eniram's turnover exceeded EUR 10 million with 89 employees worldwide. Eniram will initially continue as a strong independent business entity supported by Wärtsilä's global capabilities. The transaction is valued at EUR 43 million (enterprise value). Ownership of the company will be transferred to Wärtsilä with effect from 1 July 2016. Link to release

June 2016

Weir American Hydro

Acquisition of the USA and Canada based company Weir American Hydro from the Weir Group plc. American Hydro is a leading supplier and installer of large equipment upgrades and servicing for the hydroelectric and water distribution industries, specializing in consultancy, design and precision performance enhancements for hydro-turbines and pumps. With its headquarters in York, Pennsylvania, USA and a service center in Montreal, Canada, they currently employ 241 people, with net sales of USD 45.6 million in 2015.Link to release

June 2016

Winterthur Gas & Diesel (WinGD)

Wärtsilä and China State Shipbuilding Corporation (CSSC) have agreed to transfer Wärtsilä’s 30% minority stake in the two-stroke joint venture Winterthur Gas & Diesel (WinGD) to CSSC. Following the transaction, CSSC owns 100% of WinGD. The two-stroke operations have, until the divestment, been classified as discontinued operations. Link to the release

May 2015

L-3 Marine Systems International

Wärtsilä Corporation acquired L-3 Marine Systems International from NYSE-listed L-3 Communications Holdings Inc. L-3 Marine Systems International (L-3 MSI) is a business sector within L-3’s Electronic Systems business segment primarily focused on the commercial ship industry. The transaction is valued at MEUR 285 (enterprise value). After estimated adjustments of cash, working capital, and pension liabilities, the purchase price is estimated to be MEUR 295. The final purchase price will be determined based on closing accounts. The acquisition received Korean merger control clearance in March and EU clearance in April. Link to the release

June 2014

Wärtsilä TMH Diesel Engine Company LLC

Divestment of Wärtsilä's 50 percent share in the joint venture to the other joint venture party Transmashholding.Link to the release

May 2012

MW Power Oy

Divestment of Wärtsilä's 40 percent share in the joint venture to the other joint venture party Metso. Link to the release

March 2012

MMI Boiler Management Pte Ltd

Acquisition of assets and business of MMI Boiler Management Pte Ltd., a Singapore-based company specialising in the service and maintenance of boilers for marine and industrial applications. The company's activities include the service, maintenance, repair and installation of boilers, for both marine and land-based customers. MMI Boiler Management's net sales were approximately EUR 5.3 million in 2011, and the company has 138 employees. Link to the release

January 2012

Hamworthy

Acquisition of Hamworthy, a global provider of specialist equipment and services to the marine, oil & gas and industrial sectors. Hamworthy employs around 1,150 people worldwide. Headquartered in Poole (UK), Hamworthy has design, manufacture and sale of equipment facilities in the UK, Norway, Denmark, Germany, Singapore, and a modern assembly plant in China. In its most recent financial year, ended 31 March 2011, Hamworthy achieved revenue of GBP 181.6 million (2010: GBP 214.3 million) and underlying operating profit of GBP 13.8 million (2010: GBP 19.7 million).Link to the release

July
2011

Cedervall

Acquisition of one of the leading manufacturers of shaft seal and bearing systems for the marine industry, Cedervall. Headquartered in Gothenburg, Sweden, the company also has subsidiaries in Spain, China and Singapore, with manufacturing facilities in Sweden, China and Spain. In 2010, the company's annual net sales were SEK 344 million (EUR 39 million) and its profitability was on a good level. The company employs 211 people.Link to the release

Sept. 2008

Conan Wu & Associates Pte Ltd (CWA), Singapore

Acquisition of a leading naval architecture and ship design company Conan Wu & Associates Pte Ltd (CWA), headquartered in Singapore. The price of the deal is EUR 23 million. In 2007 the turnover generated by CWA's businesses was EUR 10.7 million and the profitability was on a very good level. CWA has 66 employees in Singapore. CWA will be integrated into Wärtsilä Ship Design within the company's Ship Power business.

Sept. 2008

Navelec SAS, France

Acquisition of Navelec SAS, a French company specializing in marine navigation and communication systems, electrical marine services, and control and automation services. Navelec’s annual net sales were 7 million euros in 2007. The company employs 45 people, of which 26 are field service personnel. Navelec’s businesses will be integrated into Wärtsilä Services’ business in France. The value of the deal is not published.

Jul. 2008

Vik-Sandvik, Norway

Acquisition of the global ship design group Vik-Sandvik, a leading independent group providing design and engineering services to ship owners and the ship building industry worldwide. The value of the acquisition is EUR 132 millions, with an additional maximum sum of EUR 38 millions to be paid based on the performance of the business over the next three years. In 2007, Vik-Sandvik’s turnover was EUR 55 millions and the profitability is on a very good level. The number of employees is 410.

Jun. 2008

Claus D. Christophel Mess- und Regeltechnik GmbH (CDC), Germany

Acquisition of the German company Claus D. Christophel Mess- und Regeltechnik GmbH (CDC), which specializes in the design, delivery and service of automation systems for ship owners and yards. Annual sales were EUR 2.1 million in 2007. The company employs 12 people.

Apr. 2008

International Combustion Engineering A/S (I.C.E.), Denmark

Acquisition of the Danish company International Combustion Engineering A/S (I.C.E.). The company specializes in project engineering and the service and repair of steam boilers and ancillary burner systems. Annual net sales 46,8 million Danish crowns (EUR 6.3 million), number of employees 30. The acquisition expands Wärtsilä's service offering into the new category of boiler services.

Mar. 2008

Maritime Service AS, Norway

Acquisition of Maritime Service AS. The company specializes in ship service, mechanical and reconditioning services. Net sales appr. EUR 3.2 million, number of employees 28.

Aug. 2007

Electrical Power Engineering (Scotland) Ltd.

Acquisition of a Scottish company Electrical Power Engineering (Scotland) Ltd. The company specializes in electrical power engineering solutions for marine, offshore, industrial and utilities segments. Net sales appr. EUR 20 million, number of employees 31.

May 2007

Marine business of Railko Ltd., UK

Acquisition of part of the marine business of Railko Ltd. in the UK, a company specializing in syntetic stern tube bearing technology. Net sales of the marine business is about EUR 6 million and the number of employees is 25.

Acquisition of the swedish company Senitec AB in Varberg. The company is privately-owned and specialized in environmental technology products for separating waste such as oily water and sludge in power plants, harbours and ships.

Jan. 2007

Wärtsilä Hyundai Engine Company Ltd, Korea

Establishment of 50/50-owned joint-venture with Hyundai Heavy Industries Co. Ltd (HHI) in Korea. The new company will manufacture dual-fuel engines for LNG (liquified natural gas) carriers. The total investment will be EUR 58 million, Wärtsilä's share being EUR 29 million.

Jan. 2007

Marine Propeller (Pty) Ltd, South Africa

Acquisition of the entire business of the South African company Marine Propeller (Pty) Lts in Cape Town, South Africa. The company is privately owned and focuses mainly on repairing propellers.

Dec. 2006

SCHIFFKO, Germany

Acquisition of the German ship design company group SCHIFFKO. The company specializes in the planning and design of ships especially in the container, research and offshore vessel segments. The acquisition supports Wärtsilä's strategic focus to grow as a system integrator and provider of total solutions to the shipping and shipbuilding market.

Nov. 2006

Ovako Oy Ab

Divestment of the operating companies owned by Oy Ovako Ab to a company owned by the shareholders of Hombergh Holdings BV, WP de Pundert Ventures BV and Pampus Industrie Beteiligungen GmbH & Co. KG.

The divestment of Ovako concludes Wärtsilä’s plan to focus on the company’s core businesses. Wärtsilä registered a tax-free capital gain on the transaction of appr. EUR 49 million.

Oct. 2006

Stockholms fartygsreparationer AB, Sweden

Acquisition of the Swedish company Stockholms Fartygsreparationer. The company handles all types of ship repair on the eastern coast of Sweden. The acquisition is a base for further expansion along the Swedish east coast and a part of Wärtsilä’s strategy to expand the business operations of the Wärtsilä Services.

Sept. 2006

Qingdao Qiyao Wärtsilä MHI Linshan Marine Diesel Co Ltd (QMD).

Establishment of joint-venture with China Shipbuilding Industry Corporation (CSIC) and Mitsubishi Heavy Industries (MHI) to manufacture large, low-speed marine engines in China. CSIC will hold 50% of the joint venture, Wärtsilä 27% and Mitsubishi 23%. The investment totals around 75 million euros, spread over several years. Production is scheduled to start in 2008.

Jul. 2006

INTEC Injectortechnic GmbH, Germany

Acquisition of German company specialized in fuel injection equipment, providing installation and services of injection components for marine diesel engines. The acquisition strengthens Wärtsilä’s competence in the area of this important engine technology.

Mar. 2006

Wärtsilä BLRT Services Klaipeda UAB, Lithuania

Establishment of company in ship service in the Baltic area, part of strategy to strengthen position as Total Service supplier to marine customers. Joint venture; 51% Wärtsilä and 49% BLRT Grupp.

Feb. 2006

Diesel Technology Solutions BV (DTS),
the Netherlands

Acquisition of component machining capacity, secures added capacity to handle current high order book at Vaasa and Trieste factories.

Feb. 2006

Total Automation Ltd, Singapore

Acquisition of company in marine automation, strong foothold in offshore and LNG sectors. Part of strategy to strengthen position as Total Service supplier. Complements earlier automation and electrical automation acquisitions. Acquisition price appr. EUR 61.6 million.

Feb. 2006

Aker Kvaerner Power and Automation Systems AS (AKPAS), Norway

Acquisition of supplier of power and automation systems for oil & gas, marine and industrial markets. Part of strategy to strengthen position as Total Service supplier. Complements earlier automation and electrical automation acquisitions. Acquisition price appr. EUR 12 million.

Dec. 2005

Wärtsilä Propulsion Heerlen B.V,
the Netherlands

Divestment. Part of Wärtsilä’s manufacturing strategy.

Dec. 2005

Gerhardt Holding Co., Inc., United States

Acquisition of company in servicing control and automation equipment for gas and diesel engines. Part of growth strategy in Services. Acquisition price EUR 8.6 million.

May 2005

Oy Ovako Ab

Wärtsilä, Rautaruukki and SKF merge long steel businesses into a jointly owned new company Oy Ovako Ab. Wärtsilä owns 26.5%.

Acquisition of DEUTZ AG's medium and large marine engine service business. In line with strategy to expand Service business by increasing scope of services and by acquisitions. Acquisition price EUR 115 million.

Mar. 2005

Oü Ciserv BLRT Baltica, Estonia

Joint venture with BLRT Grupp of Estonia to service ships in the Baltic area. Wärtsilä owns 51% and BLRT Grupp 49%.

About Wärtsilä

Wärtsilä is a global leader in smart technologies and complete lifecycle solutions for the marine and energy markets. By emphasising sustainable innovation, total efficiency and data analytics, Wärtsilä maximises the environmental and economic performance of the vessels and power plants of its customers.

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